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The Italian Dipartimento......>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: The Italian Dipartimento Del Tesoro will re-open the
Mar-20 CTZ for E1.25-1.75bln and the 1.25% Sep-32 BTPei for E0.75-1.00bln on
Tuesday.
- BACKGROUND: Italy is slightly behind the rest of the Eurozone on issuance for
this year with 72% of the 2018 target currently met compared to 79% for the
wider bloc.
- RV/HISTORY: Italian BTPs have broadly rallied since the beginning of September
and the curve has steepened. The Mar-20 CTZ currently trades at 0.858%, down
from a recent peak of 1.478% on August 31 and 102.0bps outside of the comparable
EUR swap. The 1.25% Sep-32 BPTei is the benchmark 15-year linker, which
currently trades at 1.733%, down from a recent high of 2.112% on August 31, but
far above the YTD low of 0.700% on April 18.
- REDEMPTIONS: There are an estimated E0.23bln in EGB redemptions this week and
E2.52bln in coupon payments.
- TIMING: Results are due shortly after the auction closes at 0920GMT